EVmo, Inc formerly YayYo, Inc, announces a Fleet Acquisition of Tesla Vehicles

Rhea-AI Summary

EVmo, Inc. (formerly YayYo, Inc.) announced plans to transition its fleet to all-electric vehicles by the end of 2021, emphasizing partnerships with Tesla for its rideshare rental services. CEO Steven Sanchez highlighted the environmental benefits and market demand for electric vehicles in the gig economy. The company previously deployed 40 EVs in late 2020 and acquired an additional 12 in February 2021, demonstrating strong rental demand. EVmo aims to lead this shift, enhancing profitability for drivers and expanding its market presence in line with industry trends.

Positive

• Commits to an all-electric fleet by 2021, positioning itself as a leader in the rideshare EV market.
• Strong demand observed with previous acquisitions of electric vehicles, indicating market viability.
• Partnership with Tesla enhances brand prestige and offers drivers cost-saving benefits.

Negative

• None.

EVmo, Inc to go all electric by the end of 2021

BEVERLY HILLS, Calif., March 10, 2021 (GLOBE NEWSWIRE) -- EVmo, Inc, formerly YayYo, Inc ("EVmo" or the “Company") (OTC:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced that it  is partaking in a fleet acquisition  of Tesla (NASDAQ:TSLA) vehicles, and has committed to go all electric by year end of 2021.

Steven Sanchez, CEO of EVmo said “The future of mobility is electric. Tesla is an obvious choice and we are excited to be one of the first Tesla rideshare fleet partners in the US that will deploy electric vehicles rather than gasoline-powered vehicles, for services like Uber and Lyft. Our EV commitment provides outsized climate benefits. The explosive growth in the gig economy and evidence that it's cannibalizing more climate-friendly mass transit makes it important for EVmo to go all electric”. There are a small number of electric vehicles used by drivers, yet electric vehicle adoption is on the rise. We recognize that the timing is right to go electric. The environmental and emission reduction benefits are high for electric vehicle usage by gig economy drivers and we want to be a catalyst for that transition.

In recent press, rideshare companies and carmakers are increasing the number of electric vehicles used in the transportation industry. Both Uber and Lyft announced they are going 100% electric vehicles on their platform. General Motors plans to completely phase out vehicles using internal combustion engines by 2035, More than half of GM’s capital spending and product development team will be devoted to electric and electric-autonomous vehicle programs. Ford, VW and Volvo are making a serious play in electric as well. But it’s Tesla that is the unparalleled EV market leader in the world that makes the product such an excellent strategic choice. 

Further, Mr. Sanchez stated, “We are confident our all electric fleet will drive a successful business model for the future, becoming the first to exclusively deploy electric vehicles (EVs) for the gig economy will position us as a leader in the space and is a natural evolution from our mixed energy fleet.” As previously announced, the company deployed 40 electric vehicles (EVs) in December of 2020, as part of a car-sharing program in LA. Since then, we acquired 12 EV’s in February of 2021, and discovered there was a strong demand for them. We were encouraged that they rented quickly.”  Drivers have given great reviews, and are finding the charging easy.  Not only did they save money on gas, which is their biggest cost, they received an additional $0.50 directly from a $1.00 rider surcharge for every Uber Green trip completed. Drivers also found that there was sufficient range and ample charging stations in the LA market where the vehicles were launched. And most importantly, it did not limit the number of rides or deliveries. To diversify our EV fleet, we tested the market with Hyundai Kona Electric units, which offers solid tech and safety features at only $10 more a day for drivers, it more than covered the gas savings.”  Sanchez continued, “By EVmo’s acquisition and deployment of electric vehicles, drivers did not have higher up-front costs compared to them having to purchase EV’s . We have 10 Tesla Model 3’s and more Hyundai Kona’s being delivered in the next few weeks and there are plans to establish our EV fleet further through the ordering of more Tesla Model 3’s.  We plan on using future funding and resources in a way that supports our EV future plans. Sanchez continued “The Tesla Model 3 Standard Range Plus is highest rated in every category.  It offers Tesla prestige at a lower price, is most technologically advanced and is best in class on range, performance and handling. Equally important is the Tesla supercharger network access. With a range at 263 miles, Tesla Model 3 makes it affordable and profitable for both the driver and us. The drivers get the benefits of the gas savings; plus, they can drive at a higher level both Uber and Lyft’s platform, where they can earn more money.

EVmo, Inc. (formerly YayYo, Inc.)

EVmo, Inc. bridges the gap between rideshare drivers in need of a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. Rideshare Rental uniquely supports drivers in higher and lower economic categories with innovative vehicle offerings and programs. Rideshare Rental is a leading provider of rental vehicles to drivers in the gig economy.

Our wholly-owned subsidiary, Rideshare Car Rentals, LLC, is an online rideshare vehicle booking platform created to service the ridesharing, delivery gig economy and the logistics market place, which includes both our owned-fleet vehicles and third party fleet vehicles. Distinct Cars LLC, our other wholly-owned subsidiary, maintains a fleet of vehicles that are commercially available for rent by gig-economy drivers and the logistics market place.

Rideshare Rental provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (EVmo.com)

About Tesla

Tesla was founded in 2003 by a group of engineers who wanted to prove that people didn’t need to compromise to drive electric – that electric vehicles can be better, quicker and more fun to drive than gasoline cars. Today, Tesla builds not only all-electric vehicles but also infinitely scalable clean energy generation and storage products. Tesla believes the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.
Launched in 2008, the Roadster unveiled Tesla’s cutting-edge battery technology and electric powertrain. From there, Tesla designed the world’s first ever premium all-electric sedan from the ground up – Model S – which has become the best car in its class in every category. Combining safety, performance, and efficiency, Model S has reset the world’s expectations for the car of the 21st century with the longest range of any electric vehicle, over-the-air software updates that make it better over time, and a record 0-60 mph acceleration time of 2.28 seconds as measured by Motor Trend. In 2015, Tesla expanded its product line with Model X, the safest, quickest and most capable sport utility vehicle in history that holds 5-star safety ratings across every category from the National Highway Traffic Safety Administration. Completing CEO Elon Musk’s “Secret Master Plan,” in 2016, Tesla introduced Model 3, a low-priced, high-volume electric vehicle that began production in 2017. Soon after, Tesla unveiled the safest, most comfortable truck ever – Tesla Semi – which is designed to save owners at least $200,000 over a million miles based on fuel costs alone. In 2019, Tesla unveiled Model Y, a mid-size SUV, with seating for up to seven, and Cybertruck, which will have better utility than a traditional truck and more performance than a sports car.

Tesla vehicles are produced at its factory in Fremont, California, and Gigafactory Shanghai. To achieve our goal of having the safest factories in the world, Tesla is taking a proactive approach to safety, requiring production employees to participate in a multi-day training program before ever setting foot on the factory floor. From there, Tesla continues to provide on-the-job training and track performance daily so that improvements can be made quickly. The result is that Tesla’s safety rate continues to improve while production ramps.

To create an entire sustainable energy ecosystem, Tesla also manufactures a unique set of energy solutions, Powerwall, Powerpack and Solar Roof, enabling homeowners, businesses, and utilities to manage renewable energy generation, storage, and consumption. Supporting Tesla’s automotive and energy products is Gigafactory 1 – a facility designed to significantly reduce battery cell costs. By bringing cell production in-house, Tesla manufactures batteries at the volumes required to meet production goals, while creating thousands of jobs.

And this is just the beginning. With Tesla building its most affordable car yet, Tesla continues to make products accessible and affordable to more and more people, ultimately accelerating the advent of clean transport and clean energy production. Electric cars, batteries, and renewable energy generation and storage already exist independently, but when combined, they become even more powerful – that’s the future we want. 

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.

Public Relations Contact

Steve Sanchez
Phone: 888-209-5643
Email: investors@evmo.com
For more investor information go to
www.Evmo.com

FAQ

What are EVmo's plans for electric vehicles in 2021?

EVmo plans to transition its fleet to all-electric vehicles by the end of 2021, focusing on partnerships with Tesla.

How does EVmo's transition to electric vehicles impact drivers?

The transition provides drivers with cost savings on gas and additional earnings through rider surcharges for electric trips.

What recent acquisitions has EVmo made for its electric fleet?

In February 2021, EVmo acquired 12 electric vehicles, building on the deployment of 40 EVs in December 2020.

Why is EVmo partnering with Tesla?

Tesla's reputation and technology position EVmo to leverage the electric vehicle market effectively, providing high-quality options for drivers.

How does EVmo's strategy align with industry trends?

EVmo's strategy aligns with major rideshare companies and automakers moving towards 100% electric vehicles, indicating a growing market for electric mobility.